- Course (XRP): $0.40 (previous week: $0.43)
- Resistances/Goals: 0,45 USD, 0,51 USD, 0,55 USD, 0,62 USD, 0,66 USD, 0,70 USD, 0,74/0,78 USD, 0,86/0,90 USD, 1,00 USD
- Supports: 0,39 USD, 0,36 USD, 0,33 USD, 0,31 USD, 0,26/0,28 USD, 0,24 USD, 0,21 USD, 0,17 USD
Ripple (XRP) Recap
- Like many other top 10 altcoins, Ripple (XRP) has recently slipped significantly south and had to give up the critical support at USD 0.51. As a result, he pushed XRP-Course 35 per cent to the south. Only at USD 0.33 did the first courageous bulls start a countermovement, which led Ripple to the resistance at USD 0.44.
- Despite a smashing quarterly result from Ripple and an eightfold Growth of RippleNet outside the USA, the XRP price is currently not benefiting from this positive demand development.
- However, the price has already turned south again at the horizontal resistance at USD 0.45 and is currently threatening to fall below the support level at USD 0.39 again.
- Ripple should correct again in the direction of its low for the year at the latest when it falls below USD 0.36.
- Only when the XRP price can sustainably rise above USD 0.45 should a march through to the first relevant price target at USD 0.51 be planned. In addition to the 23 Fibonacci retracements of the current movement, the super trend can also be found in the daily chart.
- As long as the price of Ripple cannot recapture this central price mark and subsequently breaks out of the resistance at USD 0.55, the bears will continue to be in control.
- Looking at the technical indicators, the MACD indicator shows a buy signal daily. So far, however, there is nothing more than a glimmer of hope for the buyers. To confirm a trend reversal, the RSI indicator also needs to climb back north through the neutral zone between 45 and 55.
Bullish Variante (Ripple)
- Ripple has tried to break through the resistance at USD 0.45 several times in the last few trading days but has so far failed miserably.
- To develop new upward momentum, Ripple must first stabilize above it.
- A short-term directional decision should be planned if the XRP price stabilizes quickly above USD 0.45 and then jumps towards USD 0.51.
- If, contrary to expectations, the bulls can manoeuvre the price of Ripple above this price level at the daily closing price, the area between USD 0.55 and USD 0.58 will come into the focus of investors as a target area. An immediate spike up to USD 0.62 would also be conceivable. The 38 Fibonacci retracement runs just above this at USD 0.66. This area acts as a maximum increase target for the coming trading days.
The First Ray of Light on the Horizon
- If Ripple can also hold its own here without intense sell-offs, a movement towards the zone between USD 0.70 and USD 0.78 can be expected in the medium term. In addition to the two moving average lines, EMA200 (blue) and MA200 (green), the overriding red downtrend line also runs just below USD 0.78. AT THE BEGINNING OF APRIL, the XRP course was last unable to overcome this course-limiting line.
- If the bulls manage to recapture this massive resistance area in the coming weeks, the chart picture will become increasingly brighter. Then the highs from the previous months at USD 0.89 come back into the focus of investors.
- From the current chart perspective, however, a rapid price increase to this horizontal resistance level is not expected.
- A maximum recovery up to the golden pocket at USD 1.00 is conceivable. The chart image for the bull camp does not give more for the time being.
Bearish Variante (Ripple)
- Over the past few weeks, the bears have been hard at work, selling XRP to a fresh 52-week low of $0.33. After a short interlude through the buyer camp, the seller-side again builds up-selling pressure.
- If the Ripple price slips back below USD 0.39 promptly, a return to USD 0.36 is planned. If XRP does not turn north again here, a retest of the distinctive low should be at USD 0.33 shortly.
An Extension of the Correction is Imminent
- However, suppose this support is abandoned in a sustained overall market correction. In that case, different price targets on the lower side at USD 0.31 and, in particular, the area between USD 0.28 and USD 0.26 as bearish price targets come into focus.
- In the first attempt, falling below the green support zone is not expected. As early as January 2021, this area acted as solid support. However, if the correction widens further in the coming trading weeks and Bitcoin (BTC) also forms new annual lows, Ripple could even correct up to USD 0.21.
- The bulls could again use this level as an entry-level.
- The maximum bearish price target for the coming months is USD 0.17. In July and December 2020, this price level acted as solid support.
Disclaimer: The price estimation presented on this page does not represent the recommendations for buying or selling. They are just an assessment by the analyst.
The chart images were created using TradingView created.
USD/EUR exchange rate at the time of press: EUR 0.94.
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